The Warriors Must Pay Back $45 Million in Debt to Oakland

The Golden State Warriors tried to ditch their debt to Oakland for the renovations to their former home at the Oakland arena; however, after losing their appeal to the California Supreme Court, the Warriors must pay up.

The team owes $45 million to the Oakland-Alameda County Coliseum Authority for the work on the coliseum in 1996 when the area was redesigned; $140 million in bonds were issued to cover the costs over 30 years.

The Warriors agreed to pay the debt initially, but their lawyers argued that when they moved to the Chase Center in San Francisco in 2019, they no longer owed the debt. On Wednesday, December 9, the state of California has once again sided with Oakland-Alameda County Coliseum Authority, rejecting the team’s appeal of the earlier court ruling in 2018 and upheld in August by the state’s First District Court of Appeal.

Sources: KTVU | BizJournals